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中信证券:大众品更加“内卷”,同时也有较多结构性机会
news flash· 2025-07-09 00:30
Core Viewpoint - The demand for consumer goods remains weak in Q2 2025, with limited improvement on a month-over-month basis. The raw material costs for consumer goods companies are mostly at the bottom or in a downward trend, but competition in the industry remains intense, leading to minimal improvement in profitability [1] Group 1: Market Trends - The consumer goods sector is experiencing increased competition, particularly in beverages, where promotional activities are intensifying [1] - There is a noticeable divergence in growth among snack companies, indicating varying performance within the sector [1] - The dairy and catering supply chain segments are facing pressure on both demand and pricing [1] Group 2: Investment Recommendations - The snack sector, characterized by new consumption trends, is identified as having the most potential for investment [1] - Within the beverage sector, tea drinks and functional beverages are expected to maintain high levels of prosperity [1] - The dairy sector shows signs of clear improvement from a profitability bottom [1]
百亿元外卖大战,让餐饮业缓了口气
2 1 Shi Ji Jing Ji Bao Dao· 2025-07-09 00:26
Group 1: Market Competition - The competition in the food delivery market is intensifying, with JD.com reporting nearly 200 restaurant brands achieving over 1 million sales on its platform within four months [1] - JD.com has launched a "Double Hundred Plan," investing over 10 billion yuan to support more brands in reaching 1 million sales [2] - Taobao and Ele.me announced a daily order count exceeding 80 million, with Taobao's flash purchase program starting a 50 billion yuan subsidy plan [3] Group 2: Industry Challenges - The restaurant industry is facing significant challenges, with approximately 46.4% of new restaurants expected to close by 2024 [4] - The average store efficiency has declined across most categories, leading to an increase in the number of closures to 4.09 million in 2024, with a closure rate of 61.2% [4] - Major brands like KFC and Pizza Hut are experiencing a continuous decline in average transaction value [6] Group 3: Pricing Strategies - The current price war is primarily focused on low average transaction value markets, where discounts are more pronounced [8] - A national restaurant brand founder stated that to survive, businesses must prioritize cost-effectiveness, leading to lower average transaction values [7] - The aggressive pricing strategies, while intensifying competition, provide temporary relief to restaurants through subsidies [9]
中金2025下半年展望 | 食品饮料:大众食品突破,白酒筑底,板块估值修复有望延续
中金点睛· 2025-07-08 23:34
中金研究 1H25消费需求低位企稳,在整体消费信心偏弱背景下食饮消费不乏结构性亮点,满足年轻人悦己需求及高质价比产品表现突出。展望下半年,在国家 持续出台相关政策拉动内需、提振消费、鼓励生育的背景下,我们认为食饮板块需求有望边际企稳改善。分板块看大众食品基本面自3月起边际改善, 下半年基本面有望稳中改善,我们预计新消费标的延续相对高成长,辣味零食、健康饮品、气泡黄酒等新消费趋势景气度有望保持,带动板块估值抬 升,看好休闲零食、软饮料等子板块下半年表现。白酒受宏观经济及政策影响出现板块性估值回调,基本面处于筑底阶段,虽下半年白酒基本面或仍 有所承压,但估值已基本反映悲观预期,配置价值渐显。 点击小程序查看报告原文 Abstract 摘要 大众食品:预计新消费趋势延续,关注高景气赛道龙头。 展望2025年下半年,我们预计大众食品板块需求有望稳中向上,并预计具备新消费属性的子赛 道如休闲零食中魔芋等品类、软饮料中无糖茶、电解质水、椰子水等健康品类有望保持创新活力,通过持续抓取新消费趋势延续较高景气度。子板块方面 我们优先推荐软饮料、休闲零食,建议关注估值处于低位的乳制品、啤酒板块。长期看,行业结构性增长机会仍存,悦 ...
万辰集团凶猛扩张首季净利增33倍 好想来门店超万家一店员下跪惹争议
Chang Jiang Shang Bao· 2025-07-08 22:58
长江商报消息 ●长江商报记者沈右荣 万辰集团经营业绩迎来凶猛增长。2024年,公司归母净利润接近3亿元,同比增长超4倍,今年一季度盈利超过2亿 元,同比增长33倍。 与此同时,今年初以来,万辰集团的股价翻倍,好想来创始人彭德建浮盈30亿元左右。 不过,快速扩张的万辰集团有待进一步完善,线下门店治理、产品品控等需进一步提升。 一段"好想来零食店店员给顾客下跪道歉"的视频在社交媒体上疯传,引发广泛关注。 事发于江苏连云港一家"好想来"门店,时间为7月5日晚。公开消息称,因收银员被指允许其他顾客插队而起争 执,一名女性店员当众跪地向涉事顾客道歉。 截至7月8日晚8时,好想来及相关方尚未通过官方渠道正式回应此事。 好想来是新崛起的零食品牌,2022年,万辰集团(300972)(300972.SZ)将其收入囊中,并与其他区域头部品牌整 合,开启了量贩零食行业的新纪元。 截至2025年3月底,好想来在营门店数量突破1万家,签约门店超过1.5万家,覆盖29个省市。 店员下跪风波背后扩张迅猛 快速扩张的量贩式品牌好想来因为店员下跪道歉引发广泛争议。 近日,一段店员给顾客下跪道歉的视频在网络上流传。画面中,店员情绪激动。该事件 ...
好想来再陷舆论风波,万辰集团急速扩张暗藏隐忧
Bei Jing Shang Bao· 2025-07-08 14:29
好想来再次陷入舆论风波。近日,有网友爆料称,江苏连云港一家好想来门店内,因收银员被指"允许其他顾客插队",导致顾客"不依不饶",一名女性店员 当众跪地向顾客道歉,该视频在网络上引发激烈讨论。随后,好想来方面对媒体回应称,此次系门店员工与消费者之间因为沟通误解所引发的行为。事发 后,已对当事门店员工进行心理安抚和疏导,公司也将持续提供帮助支持和辅导,培训引导门店员工以更适当的方式与顾客沟通。值得注意的是,这已是好 想来品牌4个月内第二起因服务态度引发争议,两起事件中,好想来方面均以"加强员工培训"回应。 好想来是福建万辰生物科技集团股份有限公司(以下简称"万辰集团")旗下零食品牌,主打平价零食。踩中量贩零食风口,万辰集团门店快速扩张,根据公 开数据,2025年3月底,万辰集团全国门店数突破1.5万家,单季度新增约804家,其中,好想来单品牌门店数量已突破1万家。业界认为,门店快速扩张需要 匹配的管理和服务能力,如果管理、服务能力跟不上开店速度,就可能降低消费者体验甚至引发一些舆论。 但即便是有严格的稽核制度,好想来部分门店因存在经营违规行为受到监管部门的行政处罚。北京商报记者在国家企业信用信息公示系统查询发现, ...
好想来店员给顾客下跪,公司曾以0加盟费吸引大量加盟商,董事长曾被查后解除
Sou Hu Cai Jing· 2025-07-08 14:05
直播 长视频 牡丹 团购 关注 商城 推荐 ] 就是在家没地位受气 出来比谁都豪積 只会欺负同层人 11 - 2 - 4 4 1110 1111 x 双列 3.5万 000 6016 3尊 1923 山 共1133人推荐 > ♀ 连云港市 | 东方之珠 11.1万 好想来一店员向顾客"下跪道歉",公司回应:是误会,已对员工进行心理疏导 7月6日,有网友在社交平台上发布短视频称,零食品牌"好想来"一门店内,店员在顾客面前跪下。该名网友称,收银员疑似给另一名顾客插队结账,导致 顾客"不依不饶",店员下跪赔不是。 创始人曾以0加盟费为口号,吸引大量加盟商。官网显示,"0加盟费,0管理费,0服务费",前期的装修成本、硬装和设备投入,加上保证金,大约47万 元,店铺毛利为19%-20%。 涉事门店为江苏连云港海州区"好想来"新海云谷店,不过,7月6日中午,该视频已经被删除或者隐藏了。 7月4日,万辰集团发布的公告显示,控股股东的一致行动人漳州金万辰因自身经营安排,计划通过集中竞价或大宗交易方式减持不超过180万股,此举进 一步加剧了外界对万辰集团未来发展的担忧。 据南方都市报消息,事发门店老板称,初查系顾客排队结账时与 ...
遂大高速通车:江西融湾按下“快进键”
2 1 Shi Ji Jing Ji Bao Dao· 2025-07-08 13:06
高效便捷的城际交通网络是推动经济要素高速流转、催化文化融合共生的基础纽带,更是城市间协同发 展的关键引擎。 7月6日,遂川至大余高速公路正式建成通车。这条斥资244.5亿元、全长127公里的战略通道,将赣州至 粤港澳大湾区的车程进一步压缩至4小时,为人员往来与商贸流通按下"快进键"。 截至目前,粤赣两省已建成7条跨省高速通道,平均每50公里一条高速的密度全国领先,而即将开工的 潮南高速与寻全高速西延段,将彻底实现两省界县域高速100%全覆盖。 而依托日益完备的交通体系,粤赣产业协作持续深化。"湾区研发+江西制造"发展模式活力迸发:格 力、比亚迪等千亿级产业项目沿高速走廊西进布局;另一方面,江西企业赵一鸣零食在东莞设立研发中 心,并将部分核心部门迁至广州。双向流动的要素正通过公路网完成聚合裂变,宛若区域协同发展 的"共赢走廊"。 而这仅仅是周边省市加速"融湾"的一个缩影——近年来,广西、湖南、江西、贵州等地加快与粤港澳大 湾区建立跨区域协作关系,尤其依托便利完善的交通网络实现了要素流通、产业协同,而广东也在规避 生产成本日渐高企、留住核心供应链产业链的背景下,加快探索出一种"湾区研发/市场+省外制造"开发 合作 ...
东海证券晨会纪要-20250708
Donghai Securities· 2025-07-08 07:42
[晨会纪要 Table_NewTitle]20250708 [证券分析师: Table_Authors] 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn 证券分析师: 王洋 S0630513040002 wangyang@longone.com.cn 证券分析师: 刘思佳 S0630516080002 liusj@longone.com.cn 重点推荐 财经要闻 [Table_Reportdate] 2025年07月08日 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.商保目录将推出,新药上市在加快————医药生物行业周报(2025/06/30- 2025/07/04) ➢ 2.重视新品类和新渠道下的α机会——食品饮料行业周报(2025/6/30-2025/7/6) ➢ 3.旷达科技(002516):汽车内饰主业稳健增长,2024年员工持股首批解锁落地——公司 简评报告 ➢ 4.国产GPU新秀IPO获受理,EDA对华禁令解封——电子行业周报2025/6/30 ...
喜茶纤体瓶杀进山姆,从“被嫌弃”到品牌疯抢,食品圈都在赌下一个超级食材?
3 6 Ke· 2025-07-08 03:25
健康风潮年年有,但像羽衣甘蓝这种被吐槽口感"歹毒",却能火遍全行业的"超级食物",实属罕见! 图片来源:新浪微博 两年前,羽衣甘蓝还在国内无人问津。 而现在,消费者一边戏谑地称其为"吃草",一边又心甘情愿为"超模同款"、"纤体神器"买单; 品牌们更是集体陷入狂欢——从喜茶、奈雪的茶、瑞幸等现制茶咖,到盒马、山姆等零售巨头,再到洽洽、白象、三只松鼠等食品大厂,纷纷押注这 位"绿叶明星"。 被嫌弃"难吃"的羽衣甘蓝,怎么反而越来越火了?这款蔬菜又有何迷人之处,总能吸引消费者"前赴后继"? 上市一个月,消耗超10万斤,从现制茶到预包装,羽衣甘蓝一火再火? 回望羽衣甘蓝在中国的走红之路,起点正是2024年夏天,喜茶推出「超级植物茶」羽衣纤体瓶(又称"夺冠纤体瓶")。 在当时,喜茶主要做了两件事,把羽衣甘蓝成功带入大众视野。 一是破局羽衣甘蓝痛点,解决难吃问题。喜茶将羽衣甘蓝切入中国人相当熟悉的场景——现制茶饮,并将羽衣甘蓝与苹果、柠檬等水果以及经典茶底搭配 来中和苦涩感,将"鲜榨羽衣甘蓝"转化为"喝果汁"的愉悦体验。 二是精准踩点,抓住国人的健康焦虑。当体重管理已经成为中国人的全民课题,喜茶精准抓住"健康焦虑"与"奥 ...
“好想来”一店员向顾客下跪道歉?上市公司回应:是误会,已对员工进行心理疏导!其为“量贩零食第一股”,今年股价已翻倍
新浪财经· 2025-07-08 00:35
Core Viewpoint - The incident involving a store employee kneeling to apologize to a customer has drawn significant attention, highlighting communication issues between staff and consumers in the retail sector [1][2]. Group 1: Incident Overview - The incident occurred on July 5 at a "Good Snacks" store in Jiangsu, where a cashier's attempt to expedite service led to a misunderstanding with a customer [1]. - The store manager confirmed that both the employee and the customer have reconciled, and the store will provide support to the staff involved [1][2]. Group 2: Company Background - "Good Snacks" is a brand under Wancheng Group, known as the "first stock in bulk snack retail" [2]. - Since 2022, Wancheng Group has transformed into the bulk snack sector, integrating several brands into the "Good Snacks" brand [2]. Group 3: Financial Performance - Wancheng Group has seen a significant increase in its number of snack retail stores, with a net addition of 9,470 stores in 2024, bringing the total to 14,000 [4]. - The bulk snack business has become the largest revenue source for Wancheng Group [4]. Group 4: Stock Activity - The company's stock price has doubled this year, despite recent announcements of share reductions by executives and major shareholders [5][6]. - On July 1, it was reported that three executives completed their share reduction plans at an average price of around 171.5 yuan per share [5]. - As of July 7, Wancheng Group's stock closed at 165 yuan, with a total market capitalization of 30.96 billion yuan [6].